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Iraq Replaces The Dollar With Gold: A Yellow Shield Against Economic Storms.
Today's Economy , | 1035 Baghdad Today – Baghdad Economic expert Nasser Al-Kanani revealed on Monday (July 28, 2025) that Iraq's position as the Arab country with the largest gold purchases represents a strategic shift in the Central Bank's approach to enhancing the country's financial stability. Al-Kanani told Baghdad Today,
"Iraq's purchase of more than 20 tons of gold in a single year, and its rise to seventh place globally in this field, reflects a calculated move by the Central Bank to protect the national economy from fluctuations in foreign currency prices, especially the dollar."
He pointed out that "gold is considered one of the safest reserve instruments, as it is not affected
by fluctuations in the monetary market, unlike paper currencies.
This gives Iraq a strategic advantage in confronting sudden crises and enhances confidence in its financial policies, both domestically and internationally." Al-Kanani explained that
"this trend will positively impact the value of the Iraqi dinar in the medium term
.
It will also contribute to the stability of the local market and reduce reliance on the dollar, giving the Central Bank greater flexibility in managing monetary policy and achieving economic stability in light of current regional and global challenges." https://baghdadtoday.news/279606-.html
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